January 16, 2018

Do you qualify for online loans in South Africa?

There has been an increase in providers of online loans in south africa over the last few years. they have managed to successfully assist thousands of people in need of financial assistance with quick and easy loans. one of the reasons why online loans have been successful is that many people have easy access to the internet through cellphones, tablets and computers.

however, in order to secure an online loan in south africa, you need to qualify for one in terms of minimum criteria. there is a general guide used by all providers, including established financial institutions such as commercial banks. below is a list of required information and criteria which you can consider before submitting your online application.

  • you need to be over 18 years of age – this is the legal age of majority, and so, there is no need to get permission from a parent or guardian.
  • a south african id number – in order to prove that you are a south african citizen, and in order to have your credit history checked, your id number is required. if you are a foreigner, your passport number and a copy of your work permit may be required. however, not all online loan providers in south africa lend to non-sa citizens.
  • be employed by the same company for over 3 months – evidence of a stable job, and so, a stable income is important in order to qualify for an online loan.
  • information on your disposable income – this can be your totally salary, minus your monthly expenses such as groceries, electricity, transport and other essentials. the remaining amount will help the lender determine if you can afford to pay back the loan.
  • a bank account that is more than 3 months old – again, proof of financial stability will need to be provided through bank statements from the same bank.

online loans in south africa are not difficult to secure, as long as you meet the qualification criteria. the loan provider needs evidence that you will be able to pay back the loan, hence the need for proof of stable income and national identification information. it is up to you, however, to make sure that the loan provider is a reputable institution with reasonable interest rates and fees.

for expert facilitation of your loan and for more information contact approved today.

IMPORTANT: We do not give out financial advice. We operate an online referral service and we forward on all your requests and applications to qualified licensed third parties with whom we have pre-arranged agreements. You will deal directly with these advisers. We may also receive remuneration or commissions from these third parties for referring you to them. Remember to seek independent financial and legal advice from a qualified person before entering into any binding financial transactions.
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